• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Discuss the key environmental variables that you see changing in Hong Kong recently. What impact will those changes have on the HRM/Personnel function in your company/organization?

Extracts from this document...

Introduction

Question: "Our Economy is still growing steadily." "The unemployment rate is down." Discuss the key environmental variables that you see changing in Hong Kong recently. What impact will those changes have on the HRM/Personnel function in your company/organization? 1. Introduction The human resource management (HRM) practitioners in Hong Kong are currently facing unprecedented challenges which have been caused by major changes in competitive environment. Base on the words of officials of Hong Kong government, the vision of Hong Kong is to reposition itself as the world's most service-oriented knowledge economy that capitalizes on its strength in value-added producer services in order to complement the growth of the Chinese economy in the future. (Chan & Lui, 2004) In view of various environmental changes and the associated pressure that companies in Hong Kong are facing, HRM practitioners are expected to take an active role in advising their companies on what HRM strategies and policies should be adopted to cope with environmental change. 2. Environment In order to understand the contingent factors affecting the HRM strategies and practices, the economic, organizational, political and legislative environment is analyzed. 2.1 Economic Challenge The Hong Kong government has adopted a laissez-faire economic policy which has been described as "positive non-interventionism". ...read more.

Middle

Given the above situation, Hong Kong employers have to face a more turbulent environment. Competition from PRC and multi-national corporations have intensified and forced HK employers to find ways to attract, maintain and enhance their 'talent' . The high labor turnover rate has pushed up the recruitment and employment cost in most organizations. Conflict between employers and employees ahs increased because of the rising expectations form the workforce on issues like compensation and benefits, quality of working life, career development, equality and rights. Union activities are now better organized and more visible and therefore have put greater pressure on the HRM professionals to manage the situation. Additionally, economic growth has insert more pressure on corporations to seek ways to maintain its competitiveness in industrial and labor market. 4. Case Illustration - Wing Hang Bank (WHB) 4.1 Company Background Founded in 1937, Wing Hang Bank was listed on The Stock Exchange of Hong Kong Limited in 1993. With over 50 branches and representative offices throughout Hong Kong, Macau and Mainland China, the Group offers a diverse range of banking services to meet the needs of its customers and is firmly committed to continuous service quality improvements in attempt to become the preferred bank for its customers and the "employer of choice" for talents. ...read more.

Conclusion

An effective HR practitioner of WHB recognize a strong concern for knowledge and continuity management that make good use of employee's intellectual capital or talent management and thus, they are going to set up a 'knowledge bank' including collecting, organizing, transforming and applying work and operational knowledge of the bank. (Lengnick-Hall & Lengnick-Hall, 2003) 5. Conclusion Hong Kong corporations are operating in a complex and turbulent environment. With a predominantly Chinese culture and high degree of responsiveness, the economy has recovered rapidly in recent years. It seems that the choice of different HRM practices affect corporations overall performance, staff morale, profit growth, return on investment and return on sales. It also appears that corporations using a HRM strategy to align with its quality enhancement business strategy performed better in changing environment. (Cheung, 2001) Because of the major changes in the social and business environment where Hong Kong corporations, like banking sector, operate in, there is increasing pressure on HR professionals to resolve the people problems created by these changes. It is essential that employers in Hong Kong recognize the importance of HRM and its contribution to the success of the company. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. A study of Asda's personnel performance indicators.

    Information courtesy of asda.co.uk, All About Asda- Student Guide (Appendix 1) and the information given to all colleagues at quarterly briefings. Performance Indicators- Theory The purpose of human resource management is to recruit, develop and retain the organisation's personnel in the way, which is most appropriate to achievement of the firm's aims and objectives.

  2. This essay will critically compare the machine and culture metaphors described by Morgan in ...

    guidelines that they must follow which ensures the best service possible for the customers throughout the 286 stores. It would be impossible to run Pizza Express restaurants in London and Newcastle and get the pizzas to taste the same without strict guidelines.

  1. Performance management - Tesco's needs to mange the performance of its employees effectively if ...

    For example an employee may be restricted to the fruit and vegetable section, thus allowing the department manager to not only assess the quantity but the quality of work performed by the employee. Commission-based pay is often used for sales staff and employees are paid a percentage of the value of the goods they sell.

  2. A REPORT INTO HUMAN RESOURCE MANAGEMENT AT SAINSBURY'S

    * Some jobs especially low skilled ones cannot be easily 'enriched' and many workers may not seek responsibility or advancement. There is some similarity between Herzberg's and Maslow's ideas. They both point to needs that have to be satisfied for the employee to be motivated.

  1. Managing Human Resources in Marks & Spencer.

    Marks and Spencer is able to communicate job vacancies to a selected audience by this means. Most job adverts are written (or at least checked) by the personnel department, task involving the same skill as marketing a product. Adverts must reach those people who have the qualities to fill the vacancy.

  2. As a short-term business Consultant, I have been hired by Alton Towers PLC to ...

    This helps them to get on with their jobs knowing what they have to do. Secondly Alton Towers uses democratic management style. This is because the employees at Alton Towers are all trained up and is therefore skilled this then gives them responsibility.

  1. The background of the Kettering Park Hotel and Spa

    The formal type of management style is the Charismatic Person, this is so important for all managers; it goes hand in hand with the democratic management style. The manager holds this charisma, it is his natural leader skills and these skills and charisma mean that the manager gets more respect

  2. The 3M Company case study

    Each of 3M's 45 product divisions constitute a business in itself with its specific customer base, with its own general manager, marketing director, technical director, human resources director, manufacturing director, and national sales manager (Coyne, 1997). 3M is a highly decentralized company, but care is taken to decentralize to units

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work